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Shanghai stocks surge to 2,031 on upbeat sentiment
By Ye Zhen |
December 5, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks advanced the most in three months, surpassing the crucial 2,000-point level, after China's new leadership pledged policy fine-tuning to stabilize and support economic growth in the coming year.
The shares also rallied amid optimism about the nation's economic outlook and speculations that the market has bottomed out after recent harsh selling.
The benchmark Shanghai Composite Index posted the biggest gain since September 7, adding 2.9 percent to 2,031.91 points. Turnover totaled 85.5 billion yuan (US$13.8 billion) by the trading close.
"China will maintain continuity and stability in economic policies, making them more targeted and effective while fine-tune them appropriately," according to a statement issued after a politburo meeting presided by Xi Jinping, the Party's new general secretary.
China will continue to deepen reforms, improve macro control, expand domestic demand and adjust the economic structure in an effort to improve people's livelihoods and add vitality to the economic development, the statement said.
Improving economic conditions also contributed to the market rebound. A raft of upbeat data about the PMI, retail sales and industrial output testified that China's economy is gaining momentum after slowing down for seven quarters in a row.
China's economy may expand 8.2 percent in 2013, from 7.7 percent estimated for this year as earlier easing measures are taking effect and the government has plenty room for policy adjustment, the Chinese Academy of Social Sciences said in its blue book on the national economy released today.
Cement producers advanced on hopes that the country's urbanization drive will spur demand for cement. Anhui Conch Cement Co, the nation's biggest cement producer, rose 4.9 percent to 17.42 yuan. Gansu Qilianshan Cement Group Co jumped by the daily limit of 10 percent to 9 yuan. Shaanxi Qinling Cement (Group) Co soared 9.9 percent to 4.22 yuan.
Insurers gained after the government allowed them to invest in commercial banks. China Life Insurance, the nation's largest insurer, added 2.6 percent to 18.53 yuan. Ping An Insurance Co, the second-largest, climbed 4.1 percent to 38.92 yuan. China Pacific Insurance Co surged 5.6 percent to 18.60 yuan.
The shares also rallied amid optimism about the nation's economic outlook and speculations that the market has bottomed out after recent harsh selling.
The benchmark Shanghai Composite Index posted the biggest gain since September 7, adding 2.9 percent to 2,031.91 points. Turnover totaled 85.5 billion yuan (US$13.8 billion) by the trading close.
"China will maintain continuity and stability in economic policies, making them more targeted and effective while fine-tune them appropriately," according to a statement issued after a politburo meeting presided by Xi Jinping, the Party's new general secretary.
China will continue to deepen reforms, improve macro control, expand domestic demand and adjust the economic structure in an effort to improve people's livelihoods and add vitality to the economic development, the statement said.
Improving economic conditions also contributed to the market rebound. A raft of upbeat data about the PMI, retail sales and industrial output testified that China's economy is gaining momentum after slowing down for seven quarters in a row.
China's economy may expand 8.2 percent in 2013, from 7.7 percent estimated for this year as earlier easing measures are taking effect and the government has plenty room for policy adjustment, the Chinese Academy of Social Sciences said in its blue book on the national economy released today.
Cement producers advanced on hopes that the country's urbanization drive will spur demand for cement. Anhui Conch Cement Co, the nation's biggest cement producer, rose 4.9 percent to 17.42 yuan. Gansu Qilianshan Cement Group Co jumped by the daily limit of 10 percent to 9 yuan. Shaanxi Qinling Cement (Group) Co soared 9.9 percent to 4.22 yuan.
Insurers gained after the government allowed them to invest in commercial banks. China Life Insurance, the nation's largest insurer, added 2.6 percent to 18.53 yuan. Ping An Insurance Co, the second-largest, climbed 4.1 percent to 38.92 yuan. China Pacific Insurance Co surged 5.6 percent to 18.60 yuan.
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